Fairchild Industries to Sell 2 California Units

Fairchild Industries Inc. said it signed letters of intent to sell two of its units to investment groups that include members of the units’ managements for a total of $35 million in cash.

The units are VSI Fasteners Co. of Stanton, Calif., and VSI Hardware Co. of Los Angeles.

The fasteners unit will be sold for $25 million and the hardware unit for $10 million the company said.

The group intending to buy the fasteners unit includes the unit’s founder, Phil H. Furst. The group intending to buy the hardware unit includes Charles H. Sweetman, the unit’s president.

Fairchild Industries said it is divesting the two companies because they don’t fit its emphasis on high-technology businesses.

The company said the sales are contingent on financing to be arranged by the buyers.